Stanford’s assets have been frozen since February, when the Securities and Exchange Commission filed civil charges against him. He has said he has no money to pay his lawyers, and is currently represented by court-appointed lawyers.

A number of former Stanford executives, including former Chief Investment Officer Laura Pendergest-Holt, have filed claims against a policy issued by Lloyd’s of London.

Lloyd’s initially agreed to reimburse some legal expenses for Pendergest-Holt, but Ralph Janvey, the receiver in the case, argued proceeds are assets of the Stanford estate and should be set aside for investors.

Janvey threatened to hold Lloyd’s in contempt of court if it paid the executives.

A representative for Janvey declined to comment on the ruling.

Even with this victory, there is no guarantee of coverage. Lloyd’s said in a September court filing that claims resulting from “money laundering and from dishonest, fraudulent, or criminal acts” are excluded from coverage.

Stanford and Pendergest-Holt have both pleaded not guilty to the charges related to what prosecutors labeled a massive Ponzi scheme tied to the firm’s offshore bank in Antigua.